Overview
- New Personio research indicates raising pension contributions by one percentage point can add roughly £13,000 to £23,000 over a working life.
- Example costs cited include about £25 a month for someone earning £30,000 and around £42 a month for a £50,000 salary.
- The study reports 39% of UK workers are projected to fall short of even a basic retirement standard.
- Workplace auto-enrolment typically totals 8% of pay, with at least 3% from employers and at least 5% from employees.
- Employer top-ups and tax relief significantly boost payments, with the Mirror noting a £40 employee contribution becoming £80, and advisers urging higher saving rates by midlife plus use of tools such as calculators, employer matching, and Lifetime ISAs.